Shares of Orchid Pharma were locked in a 10 per cent lower circuit at Rs 1,187.85 on the BSE on Thursday as the company’s two-day stake sale through an offer for sale (OFS) began today. The floor price for the offer has been fixed at Rs 375 a share.

Dhanuka Laboratories, one of the promoters of Orchid Pharma, proposed to sell in aggregate up to 3.28 million equity shares, representing 8.04 per cent of the total equity share capital of the Company. The issue opened today for non-retail investors and will open for retail investors on Friday.

The sale is being undertaken by the seller, among other things, for achieving the minimum public shareholding, the company said in its notice to exchanges. As of March 31, 2021, the promoters held a 98.04 per cent stake in Orchid Pharma, the shareholding pattern data shows.

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Orchid Pharma is a pioneer in Cephalosporin Antibiotics, R&D focused inventor of Enmetazobactam (Ph.-3 Trials done in US & EU) acquired by Dhanuka Group through Corporate Insolvency Resolution Process (CIRP) process on April 1, 2020.

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